Money laundering is the process by which criminally obtained money or other assets are exchanged for "clean" money with no obvious link to its criminal origin. By preventing money laundering, the movement of funds derived from criminal activities will be inhibited. This will in turn, restrict the availability of funds used for terrorist activities. Transfermate views Money Laundering as a serious criminal offence, and as such, complies with regulatory requirements intended to forestall and prevent money laundering. These include:
- Confirming the identity of our clients.
- Retaining transaction and identification records for a minimum period of five years.
- Training staff in terms of anti-money laundering regulations.
- Appointing a nominated officer responsible for monitoring and reporting any and all suspicious activities to the relevant authorities.
Please note that Transfermate reserves the right to refuse a transaction at any time should suspicion arise that it may be connected to money laundering or any other criminal activity. In addition, Transfermate will be obliged to report this suspicious activity and in line with regulations, is prohibited from disclosing this to the client.
By providing us with false identification or contact details, we will deem this a misuse of our service. We are legally bound to report such misdemeanours to the relevant authorities, and as such you may be the subject of a criminal investigation.
TransferMate will NOT do business with anyone suspected of, or directly involved in Money Laundering, or where funds have been sourced by any illegal activity.
To assist the world wide fight against the funding of terrorism and money laundering activities, world wide laws require TransferMate to obtain, verify and record information that identifies each person who opens an account with us. This can be done in many ways, some of which may require you to provide documentation. Below are examples of documentation that may be required. Your customer service representative will guide you through this process.
Examples of Information required
When you open an account, your will be asked for information such as your, Name, Date of birth, Address, Identification numbers and source of funds. To verify this information, Transfermate uses the latest available technology, but you maybe asked for identification documents such as, certified copies of documents showing nationality, residence, your address and a photograph of you. Typical verification documents are your passport/drivers licence plus a utility bill/bank statement.
When you open an account, a corporation, partnership, trust or other legal entity may need to provide other information, such as its principal place of business, local office, employer identification number. To verify this information, Transfermate uses the latest available technology but you may be asked for certified articles of incorporation, government-issued business license, a partnership agreement or a trust agreement.
If you are required to provide certified copy documents, they must be of good quality, signed and dated with the words "True copy of the original" (or similar) and can be certified by the following people: accountant, lawyer, police officer or your bank manager. If you cannot get one of these people you customer relationship representive will work with you to find an appropriate substitute The person certifying the ID document should be contactable so please write their contact details on the copy of the document. This information needs to be scanned back to us and the originals posted to the firm. TransferMate may conduct additional security checks on clients at our discretion.
Your Customer Service Representive will contact you to assist you with this process
What happens if I don’t provide the information requested or my identity can’t be verified?
We may not be able to open an account or carry out transactions for you. If you already have an account, we may have to close it.
Details of your specific requirements to open an account with TransferMate will be communicated to you by your customer services representative.